Win / Place Betting

Backing a horse to win or place is as simple - and for many, as good! - as punting gets. Of all the bet types available these are the two most simple to place; they are also the easiest to follow and enjoy as a punter. All you need to do is keep an eye on your selection in running and hope they manage to win or place, in keeping with your bet.

Punters can also back a horse to Win AND Place, this is better known as an Each Way bet.

What is a Win bet?

A Win bet is a bet type that requires the punter to select the horse they believe will be first past the post. If they are correct they will win a sum of money relevant to their investment and the betting product (Fixed Odds or Tote betting).

What is a Place bet?

A Place bet is a bet type that requires you to select a horse that finishes in the placings, meaning either 1st, 2nd or 3rd*.

* The number of runners in the field will determine the amount of placings that will be paid out. - For fields of seven or fewer runners, the place dividend is only paid out across 1st and 2nd.- For fields of four or fewer runners, there will be no place dividend paid out.

If you have already put on a Place bet and then a scratching reduces the field size to seven or fewer, your bet will be subject to the rules applying to the reduced field size. If you have a Place bet on a race with five runners and a scratching(s) reduces the field to four (or fewer), your bet will then be refunded, subject to the rules of each bookmaker and the betting product (Tote or Fixed Odds) selected.

How much do Win / Place bets cost?

The cost of a Win / Place bet is $1 for one full unit, i.e. 100% of the relevant dividend. A punter can take as many units as they like, subject to the gambling agency being prepared to take on liability for the bet. The more units a punter takes, the more the bet will cost them. So for five units a punter would be required to outlay $5.

If you place a $5 Win bet on a horse you will receive 500% of whatever betting product - i.e. Tote or Fixed Odds - selected for the wager.

Minimum bets

Some wagering operators have minimum bets of $1 while others will allow even smaller wagers. Consult individual operators' wagering rules and restrictions for more on this.

Tote betting vs Fixed Odds?

When wagering on a Win or Place bet, punters may have the choice of Fixed Odds or Tote Betting (including any bookmaker's individual tote product). After selecting your horse, choosing between the tote price and fixed odds is probably the next hardest decision a punter will have to make.

Tote price:

The tote price is determined by a betting pool containing the spread of individual bets placed on a particular event. The horse that has attracted the most amount of money will be paying the least, while the horse that has attracted the least amount of money will be paying the highest.

The actual tote dividend is only revealed after the race and can often change quite significantly in the lead-up to the race. The closer they are to jumping, the more likely the tote price will reflect the eventual dividend.

Fixed odds:

Fixed odds allow punters to secure a set price on a runner in a given event. Fixed odds can help astute punters lock in value on a runner they suspect is over the odds and is likely to be the subject of significant support among other punters by the close of betting.

Out Verdict:

There is no prescriptive guide or right answer to the question of Tote betting vs fixed odds: the success of either generally depends on your astuteness - and luck - as a punter. Generally speaking though Fixed Odds are at their best when markets first open. And if you get involved with online betting you can compare bookmakers to find the most competitive price out there.